Brief: Lendico Halts New Consumer Loans Origination in German Market

Lendico has refrained from originating new consumer loans in Germany, according to P2P-Banking, directly linking consumers instead to Finanzcheck, a loan application tool. While new consumer loans origination has been halted, Lendico is continuing its business loan origination within Germany. In the last months Lendico has also stopped issuing consumer loans in the Netherlands, Brazil and South Africa.

“As far as I know, Lendico has not published any recent figures on loan volume origination,” wrote P2P-Banking’s Claus Lehmann. “On Dec. 7th, 2016 Rocket Internet SE published its financial report for the first half of 2016. There is a short mention that Rocket Internet SE has booked a Wertminderungsaufwand (own translation: decline in value) of 19.482 million EUR for the corporate holding of Lendico.”

In July Lendico teamed up with Swiss financial services PostFinance for a new Switzerland joint venture to provide the Swiss SMES with a modern alternative to traditional bank financing. Both Lendico and PostFinance planned to contribute their expertise in customer contact, entire lending and repayment process to the venture.

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